What started the financial crisis in Greece?

July 23, 2015

WRITER

The Greek financial crisis has been one of the most important stories of the summer, but it’s also one of the most complicated. How did they end up in such crippling debt? Why did the European Union offer a deal to Greece that doesn’t offer a way for them to restructure their debt? And how are the people in Greece handling the ongoing problem...and what happens next?

TheBlaze's Dan Andros and Jason Buttrill explained the crisis on Wednesday's Glenn Beck Program:

Below is a rough transcript of this segment:

Dan: Hey, Dan Andros here, head writer for TheBlaze, along with Jason Buttrill, chief researcher here at TheBlaze. Greece is just a big, fat mess, and so we’re just going to go through and try to explain it for you really quick. Basically here’s the situation, Greece defaulted. We all saw that in a news, and they went to go vote on an austerity bailout package, and they voted against it. They wanted to keep their goodies, and they didn’t want anything to do with that, so they voted against it. The Greek PM goes back in and ends up taking a deal, so now everyone’s kind of scratching their heads, they don’t really understand what’s going on. So, we’re going to go through and try to explain it in just a quick couple steps. First step, easy way to understand it, the 2008 subprime crisis.

Jason: 2008 subprime mortgage crisis is basically what kicked off this global financial pandemic. During the subprime mortgage crisis, we had irresponsible lenders and irresponsible borrowers, so basically you had people applying for loans that had no business applying for those loans, but the lenders had no business even issuing those loans in the first place. They were loans that eventually since they had adjustable rates, they were going to continue to go up and up and up, so these people had no chance of ever paying these loans off.

Dan: Right, and they didn’t care. They saw the quick buck, so they didn’t care. They just went for it.

Jason: Exactly, and the lenders saw dollar signs and dollar signs that were going to continue to come and continue to come, and if they didn’t, they would just go bankrupt anyway. Back in 2010, during the first bailout, Greece had a national debt of 130% more than their GDP. Put that into perspective. So, let’s say you are making $2000 a month. Now, what if you had bills that were more than 2000 a month? There’s no way you’d qualify for a loan. No lender in their right mind would grant you a loan, but the EU and the IMF granted those loans to Greece.

Dan: And they had no chance of paying it back.

Jason: They had no chance of paying that back. So, basically Greece was that 2008 loan applicant that wanted something so badly that they didn’t care about what the ramifications were down the line. They figured we’ll get around to it later. The EU were those irresponsible lenders that were willing to make that loan because they knew that there was no chance that person would ever be able to get out of debt.

Dan: So, they signed this debt deal, so what does this thing actually do?

Jason: Basically he went completely reverse on what he asked his people to do. He asked his people to forget the deal, the austerity deals, to begin with and to move forward so he could upend the system so they could eventually leave the euro and leave the European Union altogether. He made this deal that fully gave up controls to their banks, fully gave up control. Now, specifically Germans, but members of the EU, they can make decisions on whether to close banks, whether to grant loans, how to adjust their interest rates, everything. They make all of those calls basically from Berlin.

Dan: So, basically what’s happened here is they’ve lost a choose chunk of sovereignty. Basically Germany is their daddy, and they get to do whatever they want to do to them. So, they know they can’t pay off this debt. They know they can’t pay it off, so all it’s about is control.

Jason: They’ve lost the ability to say how do we run our government? They could actually tell them we don’t like how you use the Parthenon and how you tie that to the government with tourism. We want to own that’s, so actually we’re privatizing that and taking it over. Imagine the Parthenon being owned by a German company from Berlin. That is now completely possible, and the Greeks can’t say a thing about it.

Greece is now on the verge of becoming a straight up occupied country, occupied by the European Union. Talk about never being able to repay this debt, the IMF straight up came out and said that there’s no way the Greeks will ever be able to pay off this debt. They can’t do it. So, if they continue along these current lines, they’ll never be able to pay it off. The only way they said is if they restructure the deal, but they didn’t restructure the deal. That was not a part of this new deal that the Greek Prime Minister agreed to. Restructuring was not in it.

The only way they can do it is if they restructure it, so why would the European Union offer a deal basically that doesn’t give them an out, that doesn’t give them a way to eventually pay off their debt? Just like we said, it’s all about control. It’s all about the EU, German, more specifically, tentacles going further and further into some of these countries, countries that cannot pay off their debts, and now they’re occupied.

Dan: So, how do the people there in Greece feel about it? I think what many here in the states don’t understand is the mentality of the people in Greece. I mean, they just had an election, and the people they voted in, you hear often that it’s austerity and that it’s these right-wingers, but they’re not really right-wingers at all.

Jason: The people of Greece, the way they feel about it is they’re tired of it. Now, again, as we’ve said, they’re just as at fault as the EU is, the people that they’re blaming on this. But they wanted to upend the system, so what did they do? They went and voted in a party, the Syriza Party, that they thought was going to upend that system, that was finally going to say no more, we’re not going to go along with what the EU wants anymore, we’re going to do our own thing. So, they voted in the Syriza Party. Who exactly is the Syriza Party? Who did they give the mandate to do this?

They’re all malice. They’re Marxist-Leninists. They’re communists. They knew they voted in the people that had the ability and had the same mentality that was going to start a revolution, and it’s all about revolution. Since the days of the Soviet Union, that’s always been the goal of this type of government is to start a revolution here, and from there it’s going to spread like wildfire. We’ve actually seen that tinder spreading through the rest of the EU.

Dan: So, now we’ve got a bunch of revolutionaries here in power, and this is like their dream scenario. They’re hoping to get out of there, abandon their debts, and basically hit the restart button.

Jason: And that has huge consequences. If the rest of Europe all of a sudden has a restart button and they can just have all of their debt restructured, what does that say to the lenders? What does that do to basically Germany? What does that say to countries like that? They’re now stuck with all of these unpaid debts.

Now that these countries are considering departing from the EU, will we see a rebirth of nationalism? That’s what the European Union was formed to get away from, but now that that’s all coming down and the dominoes are about to start falling and more and more countries are going to look for that same out that Greece is now about to take, will we see a rebirth of nationalism? Will the old days of Europe, the 1930s era of Europe, will that suddenly become our reality?

Dan: Only time will tell, but as the times get tougher and people’s backs get pushed up against the wall, we’re going to see the answer sooner than later.

Featured Image: The Euro logo is pictured in front of the former headquarter of the European Central Bank (ECB) in Frankfurt am Main, western Germany, on July 20, 2015 as Greece has begun making a 4.2 billion euro ($4.6 billion) payment due to the ECB as well as outstanding sums due to the International Monetary Fund (IMF) according to a ministerial source. The transfer was made possible by a short-term "bridge" loan of 7.16 billion euros granted by the European Union on July 17, 2015. Photo credit should read DANIEL ROLAND/AFP/Getty Images

Trump's 3 BIGGEST border victories

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The Southern Border is healing!

Just hours after his inauguration on January 20, 2025, President Donald Trump declared a national emergency at the southern border. A little over a month later, the tide of migrants pouring into the United States has been significantly stemmed. Trump is delivering on his major campaign promises: stopping illegal crossings, rolling back Biden-era border policies, and using every available resource to fortify the border against future challenges.

In his recent congressional speech, Trump highlighted these border security successes—achievements often overshadowed by the flood of other news stories this past month. To spotlight this monumental progress, we’ve compiled a list of Trump’s three most significant border victories.

1. Significantly reduced border encounters

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When Trump took office, it was clear—the sheriff was back in town. According to the Department of Homeland Security, daily border encounters have plummeted by 93 percent since his inauguration. Meanwhile, Immigration and Customs Enforcement has ramped up its efforts: in the past month alone, ICE doubled arrests of criminal aliens and tripled apprehensions of fugitives at large. This dramatic shift stems from reinstating strict border policies, restoring common-sense enforcement, and unleashing the full capabilities of ICE and Border Patrol.

2. Major policy changes

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President Trump has also made sweeping strides in border policy. He reinstated the “Remain in Mexico” policy, requiring immigrants to wait in Mexico during their immigration proceedings instead of being released into the U.S. He also terminated the controversial “catch and release” practice, which had allowed millions of illegal immigrants to stay in the country pending court dates. Additionally, Trump signed the Laken Riley Act, mandating detention for all illegal immigrants accused of serious crimes.

Another key victory was designating cartels like MS-13 and Tren de Aragua as terrorist organizations. This classification empowers law enforcement and border agencies to tackle these ruthless gangs with the seriousness and resources they demand.

3. Deployed major muscle

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Trump is doubling down on border security—and he’s not holding back. He deployed 1,500 U.S. troops to secure the southern border and restarted construction of the border wall. Among the forces sent is a Stryker Brigade, a rapid-response, high-tech mechanized infantry unit equipped with armored ground and air vehicles. This brigade’s mobility and long-range capabilities make it ideal for patrolling the rugged, remote stretches of the border.

Fort Knox exposed: Is America's gold MISSING?

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President Trump promised that we would get a peek inside Fort Knox, but are we ready for what we might find?

In this new era of radical transparency, the possibility that the Deep State's darkest secrets could be exposed has many desperate for answers to old questions. Recently, Glenn has zeroed in on gold, specifically America's gold reserves, which are supposed to be locked away inside the vaults of Fort Knox. According to the government, there are 147.3 million ounces of gold stored within several small secured rooms that are themselves locked behind a massive 22 ton vault door, but the truth is that no one has officially seen this gold since 1953. An audit is long overdue, and President Trump has already shown interest in the idea.

America's gold reserve has been surrounded by suspicion for the better part of a hundred years. It all started in 1933, when FDR effectively nationalized the United States's private gold stores, forcing Americans to sell their gold to the government. This gold was melted down, forged into bars, and stored in the newly constructed U.S. Bullion Depository building at Fort Knox. By 1941, Fort Knox had held 649.6 million ounces of gold—which, you may have noticed, was 502.3 million ounces more than today. We'll come back to that.

By 1944, World War II was ending, and the Allies began planning how to rebuild Europe. The U.N. held a conference in Bretton Woods, New Hampshire, where the USD was established as the world's reserve currency. This meant that any country (though not U.S. citizens) could exchange the USD for gold at the fixed rate of $35 per ounce. Already, you can see where our gold might have gone.

Jump to the 1960s, where Lyndon B. Johnson was busy digging America into a massive debt hole. Between the Vietnam War and Johnson's "Great Society" project, the U.S. was bleeding cash and printing money to keep up. But now Fort Knox no longer held enough physical gold to cover the $35 an ounce rate promised by the Bretton Woods agreement. France took notice of this weakness and began to redeem hundreds of millions of dollars. In the 70s Nixon staunched this gushing wound by halting foreign nations from redeeming dollars for gold, but this had the adverse effect of ending the gold standard.

This brings us to the present, where inflation is through the roof, no one knows how much gold is actually inside Fort Knox, and someone in America has been buying a LOT of gold. Who is buying this gold? Where is it going and for what purpose? Glenn has a few ideas, and one of them is MUCH better than the other:

The path back to gold

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One possibility is that all of this gold that has been flooding into America is in preparation for a shift back to a gold-backed, or partial-gold-backed system. The influx of gold corresponds with a comment recently made by Trump's new Treasury Secretary, Scott Bessent, who said he was going to:

“Monetize the asset side of the U.S. balance sheet for the American people.”

Glenn pointed out that per a 1972 law, the gold in Fort Knox is currently set at a fixed value of $42 an ounce. At the time of this writing, gold was valued at $2,912.09 an ounce, which is more than a 6,800 percent increase. If the U.S. stockpile was revalued to reflect current market prices, it could be used to stabilize the dollar. This could even mean a full, or partial return to the gold standard, depending on the amount of gold currently being imported.

Empty coffers—you will own nothing

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Unfortunately, Glenn suspects there is another, darker purpose behind the recent gold hubbub.

As mentioned before, the last realaudit of Fort Knox was done under President Eisenhower, in 1953. While the audit passed, a report from the Secretary of the Treasury revealed that a mere 13.6 percent was checked. For the better part of a century, we've had no idea how much gold is present under Fort Knox. After the gold hemorrhage in the 60s, many were suspicious of the status of our gold supply. In the 80s, a wealthy businessman named Edward Durell released over a decade's worth of research that led him to conclude that Fort Knox was all but empty. In short, he claimed that the Federal Reserve had siphoned off all the gold and sold it to Europe.

What would it mean if America's coffers are empty? According to a post by X user Matt Smith that Glenn shared, empty coffers combined with an influx of foreign gold could represent the beginning of a new, controlled economy. We couldstill be headed towards a future where you'll ownnothing.

Glenn: The most important warning of your lifetime—AI is coming for you

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Artificial intelligence isn’t coming. It’s here. The future we once speculated about is no longer science fiction—it’s reality. Every aspect of our lives, from how we work to how we think, is about to change forever. And if you’re not ready for it, you’re already behind. This isn’t just another technological leap. This is the biggest shift humanity has ever faced.

The last call before the singularity

I've been ringing this bell for 30 years. Thirty years warning you about what’s coming. And now, here we are. This isn’t a drill. This isn’t some distant future. It’s happening now. If you don’t understand what’s at stake, you need to wake up—because we have officially crossed the event horizon of artificial intelligence.

What’s an event horizon? It’s the edge of a black hole—the point where you can’t escape, no matter how hard you try. AI is that black hole. The current is too strong. The waterfall is too close. If you haven’t been paying attention, you need to start right now. Because once we reach Artificial Super Intelligence (ASI), there is no turning back.

You’ve heard me talk about this for decades. AI isn’t just a fancy Siri. It isn’t just ChatGPT. We are on the verge of machines that will outthink every human who has ever lived—combined. ASI won’t just process information—it will anticipate, decide, and act faster than any of us can comprehend. It will change everything about our world, about our lives.

And yet, the conversation around AI has been wrong. People think the real dangers are coming later—some distant dystopian nightmare. But we are already in it. We’ve passed the point where AI is just a tool. It’s becoming the master. And the people who don’t learn to use it now—who don’t understand it, who don’t prepare for it—are going to be swallowed whole.

I know what some of you are thinking: "Glenn, you’ve spent years warning us about AI, about how dangerous it is. And now you’re telling us to embrace it?" Yes. That’s exactly what I’m saying. Because if you don’t use this tool—if you don’t learn to master it—then you will be at its mercy.

This is not an option anymore. This is survival.

How you must prepare—today

I need you to take AI seriously—right now. Not next year, not five years from now. This weekend.

Here’s what I want you to do: Open up one of these AI tools—Grok 3, ChatGPT, anything advanced—and start using it. If you’re a CEO, have it analyze your competitors. If you’re an artist, let it critique your work. If you’re a stay-at-home parent, have it optimize your budget. Ask it questions. Push it to its limits. Learn what it can do—because if you don’t, you will be left behind.

Let me be crystal clear: AI is not your friend. It’s not your partner. It’s not something to trust. AI is a shovel—an extremely powerful shovel, but still just a tool. And if you don’t understand that, you’re in trouble.

We’ve already seen what happens when we surrender to technology without thinking. Social media rewired our brains. Smartphones reshaped our culture. AI will do all that—and more. If you don’t take control now, AI will control you.

Ask yourself: When AI makes decisions for you—when it anticipates your needs before you even know them—at what point do you stop being the one in charge? At what point does AI stop being a tool and start being your master?

And that’s not even the worst of it. The next step—transhumanism—is coming. It will start with good intentions. Elon Musk is already developing implants to help people walk again. And that’s great. But where does it stop? What happens when people start “upgrading” themselves? What happens when people choose to merge with AI?

I know my answer. I won’t cross that line. But you’re going to have to decide for yourself. And if you don’t start preparing now, that decision will be made for you.

The final warning—act now or be left behind

I need you to hear me. This is not optional. This is not something you can ignore. AI is here. And if you don’t act now, you will be lost.

The next 18 months will change everything. People who don’t prepare—who don’t learn to use AI—will be scrambling to catch up. And they won’t catch up. The gap will be too wide. You’ll either be leading, or you’ll be swallowed whole.

So start this weekend. Learn it. Test it. Push it. Master it. Because the people who don’t? They will be the tools.

The decision is yours. But time is running out.

The coming AI economy and the collapse of traditional jobs

Think back to past technological revolutions. The industrial revolution put countless blacksmiths, carriage makers, and farmhands out of business. The internet wiped out entire industries, from travel agencies to brick-and-mortar retail. AI is bigger than all of those combined. This isn’t just about job automation—it’s about job obliteration.

Doctors, lawyers, engineers—people who thought their jobs were untouchable—will find themselves replaced by AI. A machine that can diagnose disease with greater accuracy, draft legal documents in seconds, or design infrastructure faster than an entire team of engineers will be cheaper, faster, and better than human labor. If you’re not preparing for that reality, you’re already falling behind.

What does this mean for you? It means constant adaptation. Every three to five years, you will need to redefine your role, retrain, and retool. The only people who survive this AI revolution will be the ones who understand its capabilities and learn to work with it, not against it.

The moral dilemma: When do you stop being human?

The real danger of AI isn’t just economic—it’s existential. When AI merges with humans, we will face an unprecedented question: At what point do we stop being human?

Think about it. If you implant a neural chip that gives you access to the entire internet in your mind, are you still the same person? If your thoughts are intertwined with AI-generated responses, where do you end and AI begins? This is the future we are hurtling toward, and few people are even asking the right questions.

I’m asking them now. And you should be too. Because that line—between human and machine—is coming fast. You need to decide now where you stand. Because once we cross it, there is no going back.

Final thoughts: Be a leader, not a follower

AI isn’t a passing trend. It’s not a gadget or a convenience. It is the most powerful force humanity has ever created. And if you don’t take the time to understand it now, you will be at its mercy.

This is the defining moment of our time. Will you be a master of AI? Or will you be mastered by it? The choice is yours. But if you wait too long, you won’t have a choice at all.

Editor's Note: This article was originally published on TheBlaze.com.

Trump's Zelenskyy deal falls apart: What happened and what's next?

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Trump offered Zelenskyy a deal he couldn’t refuse—but Zelenskyy rejected it outright.

Last Friday, President Donald Trump welcomed Ukrainian President Volodymyr Zelenskyy to Washington to sign a historic agreement aimed at ending the brutal war ravaging Ukraine. Joined by Vice President J.D. Vance, Trump met with Zelenskyy and the press before the leaders were set to retreat behind closed doors to finalize the deal. Acting as a gracious host, Trump opened the meeting by praising Zelenskyy and the bravery of Ukrainian soldiers. He expressed enthusiasm for the proposed agreement, emphasizing its benefits—such as access to Ukraine’s rare earth minerals for the U.S.—and publicly pledged continued American aid in exchange.

Zelenskyy, however, didn’t share Trump’s optimism. Throughout the meeting, he interrupted repeatedly and openly criticized both Trump and Vance in front of reporters. Tensions escalated until Vance, visibly frustrated, fired back. The exchange turned the meeting hostile, and by its conclusion, Trump withdrew his offer. Rather than staying in Washington to resolve the conflict, Zelenskyy promptly left for Europe to seek support from the European Union.

As Glenn pointed out, Trump had carefully crafted this deal to benefit all parties, including Russia. Zelenskyy’s rejection was a major misstep.

Trump's generous offer to Zelenskyy

I believe Trump is playing 4-D chess with Zelenskyy. pic.twitter.com/L19RtQdCF6
— Glenn Beck (@glennbeck)
March 3, 2025

Glenn took to his whiteboard—swapping out his usual chalkboard—to break down Trump’s remarkable deal for Zelenskyy. He explained how it aligned with several of Trump’s goals: cutting spending, advancing technology and AI, and restoring America’s position as the dominant world power without military action. The deal would have also benefited the EU by preventing another war, revitalizing their economy, and restoring Europe’s global relevance. Ukraine and Russia would have gained as well, with the war—already claiming over 250,000 lives—finally coming to an end.

The media has portrayed last week’s fiasco as an ambush orchestrated by Trump to humiliate Zelenskyy, but that’s far from the truth. Zelenskyy was only in Washington because he had already rejected the deal twice—first refusing Vice President Vance and then Secretary of State Marco Rubio. It was Zelenskyy who insisted on traveling to America to sign the deal at the White House. If anyone set an ambush, it was him.

The EU can't help Ukraine

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After clashing with Trump and Vance, Zelenskyy wasted no time leaving D.C. The Ukrainian president should have stayed, apologized to Trump, and signed the deal. Given Trump’s enthusiasm and a later comment on Truth Social—where he wrote, “Zelenskyy can come back when he is ready for peace”—the deal could likely have been revived.

Meanwhile, in London, over a dozen European leaders, joined by Canadian Prime Minister Justin Trudeau, convened an emergency meeting dubbed the “coalition of the willing” to ensure peace in Ukraine. This coalition emerged as Europe’s response to Trump’s withdrawal from the deal. By the meeting’s end, UK Prime Minister Keir Starmer announced a four-point plan to secure Ukrainian independence.

Zelenskyy, however, appears less than confident in the coalition’s plan. Recently, he has shifted his stance toward the U.S., apologizing to Trump and Vance and expressing gratitude for the generous military support America has already provided. Zelenskyy now says he wants to sign Trump’s deal and work under his leadership.

This is shaping up to be another Trump victory.

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